China Orders State Companies to Pay Small Suppliers in Cash
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The State Council issued a notice on Thursday to address the difficulties small and medium-sized enterprises face in collecting payments. Photo: IC photo
China is ordering centrally administered state-owned enterprises (SOEs) and government procurement projects to pay small suppliers in cash, stepping up a campaign against chronic payment delays that have strained businesses.
The State Council on Thursday issued new rules aimed at tightening oversight of large companies’ payment practices and preventing them from using commercial bills and electronic receivables certificates to delay payments to small and midsize enterprises.
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